Revenue is heavily fee-driven (100% of total in most quarters), but the 2026Q2 efficiency ratio deteriorated to 82.1% from 54.4% in 2026Q1, while NIM fell to 0.8%, indicating margin compression and rising costs.
Barclays PLC (BCS) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | 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 | 13.71B | 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 % | 0% | 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 % | 0.79% | 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 | 13.71B | 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 | 0 | 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 | 2B | 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 | 26.14B | 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 % | 65.6% | 50.24% | 57.51% | 54.99% | 56.96% | 63.23% | 64.3% | 53.11% | 51.26% | 51.16% | 52.2% | 38.61% | 48.28% | 58% | 52.29% | 54.11% | 59.84% | 61.87% | 48.9% | 269.5% | 58.74% | 100% | 117.63% | 16.79% | -13.07% | -37.6% | 48.02% | 44.68% | -141.2% | -58.72% | -40.55% |
| Total Net Revenue | 39.85B | 29.14B | 31.09B | 27.77B | 24.74B | 21.95B | 21.53B | 20.1B | 19.75B | 20.02B | 24.67B | 18.35B | 24.93B | 26.7B | 24.46B | 30.84B | 33.28B | 30.65B | 25.12B | -6.44B | 22.43B | 28.92B | 18.69B | 7.93B | 5.49B | 4.45B | 9.93B | 8.35B | 1.79B | 2.54B | 2.8B |
| Revenue Growth % | 44.74% | -6.28% | 11.95% | 12.26% | 12.69% | 1.97% | 7.11% | 1.75% | -1.31% | -18.86% | 34.43% | -26.4% | -6.61% | 9.14% | -20.67% | -7.35% | 8.59% | 22.01% | 490.06% | -128.72% | -22.46% | 54.77% | 135.78% | 44.37% | 23.49% | -55.22% | 18.86% | 367.07% | -29.64% | -9.35% | 35.24% |
| Non-Interest Expense | 27.8B | 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 | 69.77% | 68.64% | 66.94% | 69.86% | 66.76% | 62.68% | 66.12% | 69.35% | 73.96% | 71.85% | 75.49% | 83.88% | 81.82% | 78.5% | 83.91% | 67.78% | 65.13% | 62.16% | 59.17% | 246.23% | 60.85% | 0% | 23.89% | 108.66% | 148.37% | 158.53% | 58.68% | 63.16% | 277.93% | 204.56% | 181.78% |
| Operating Income | 10.04B | 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 % | 25.2% | 31.36% | 26.63% | 23.22% | 28.46% | 37.32% | 13.41% | 21.54% | 18.6% | 17.17% | 14.39% | 6.46% | 9.28% | 10.33% | 3.21% | 19.71% | 18.18% | 14.6% | 21.6% | -110.79% | 30.48% | 19.31% | 22.88% | 121.51% | 164.46% | 78.34% | 101.33% | 84.9% | 417.95% | 265.84% | 254.28% |
| 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 | 10.04B | 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 % | 25.2% | 31.36% | 26.51% | 23.26% | 28.44% | 37.32% | 13.38% | 21.24% | 18.24% | 16.83% | 14.08% | 6.23% | 9.13% | 10.53% | 2.77% | 19.51% | 18.01% | 14.49% | 21.54% | -110.13% | 30.29% | 19.22% | 23.06% | 48.51% | 58.38% | 78.34% | 34.45% | 28.79% | 104.7% | 82.43% | 82.35% |
| Income Tax | 2.13B | 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 % | 21.22% | 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 | 7.88B | 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 % | 19.76% | 24.61% | 20.71% | 18.63% | 24.06% | 31.93% | 10.43% | 16.19% | 12.51% | -5.93% | 9.27% | -0.28% | 0.31% | 1.95% | -2.52% | 10.08% | 10.68% | 9.89% | 18.43% | -69.16% | 19.53% | 12.55% | 16.59% | 34.62% | 40.62% | 55.57% | 24.94% | 21.03% | 74.85% | 44.42% | 58.45% |
| Net Income Growth % | 14.37% | 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) | 7.91B | 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) | 2.30 | 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 % | 17.58% | 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 | 3.43B | 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 |
Quick answers to the most common questions about buying BCS stock.
For fiscal year 2025, Barclays PLC (BCS) reported total revenue of $29.14B. This represents a 939.2% increase compared to $2.80B in 1996.
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.
Key Metrics
Top Statement Risk
US card delinquency uptick
NII Visibility Obscured by Data Gaps
Net interest income appears only in 2026Q2 at $13.7B, while other quarters report zero, suggesting data limitations rather than actual absence. According to reported figures, NII growth is unclear, but the 2026Q2 figure implies a substantial lending base.
The reported NII of $13.7B in 2026Q2, with a NIM of 0.8%, appears inconsistent with typical bank metrics, possibly indicating a data anomaly or a specific segment. The absence of NII in other quarters suggests that the provided data may be incomplete, limiting analysis of NII trajectory. Investors should monitor future disclosures for clarity on net interest income trends.
NIM Compression Signals Rate Peak
Net interest margin stands at 0.8% in 2026Q2, a level that appears unusually low for a universal bank, suggesting potential compression or data misalignment. Based on reported figures, this may indicate that the benefits of higher rates have peaked.
The NIM of 0.8% is significantly below peer averages, which may reflect a data artifact or a specific business mix. If accurate, it implies that asset yields are not keeping pace with funding costs, possibly due to deposit repricing. This warrants close monitoring as it could signal margin pressure across the lending book.
Efficiency Ratio Spikes in 2026Q2
The efficiency ratio deteriorated to 82.1% in 2026Q2 from 54.4% in 2026Q1, indicating a sharp increase in non-interest expenses relative to revenue. As reported in financial statements, this suggests cost discipline may be slipping.
The jump in efficiency ratio is driven by a revenue mix shift, with NII contributing to total revenue in 2026Q2, while other quarters rely solely on non-interest income. This may reflect seasonal or one-off costs, but the elevated ratio indicates that operating leverage is currently unfavorable. Investors should assess whether this is a temporary blip or a trend.
Provisions Rise Amid Card Delinquencies
Provision expenses averaged $564M per quarter over the last five quarters, with a peak of $841M in 2026Q1. According to recent disclosures, rising US card delinquencies may be driving higher credit costs.
The provision trend shows an uptick in 2026Q1, which may indicate deteriorating credit quality, particularly in the US Consumer Bank. While provisions remain manageable relative to revenue, the increasing delinquency trends suggest that credit costs could escalate if economic conditions worsen. This warrants close monitoring as it directly impacts profitability.
Fee Income Dominates Revenue Mix
Non-interest income constitutes 100% of total revenue in most quarters, except 2026Q2 where it is 24.4%. Based on reported figures, this indicates a heavy reliance on fee-based revenue, which may be volatile.
The dominance of non-interest income suggests that Barclays' earnings are significantly tied to capital markets activity, which can be unpredictable. While this diversification away from NII may reduce interest rate sensitivity, it introduces market risk. The 2026Q2 data, where NII appears, shows a more balanced mix, but the overall trend indicates a fee-driven model.
Earnings Quality Questioned by Data Gaps
The absence of NII in most quarters and the anomalous NIM raise concerns about the reliability of reported earnings. As per the data, revenue contracted 10.9% year-over-year, suggesting potential top-line weakness.
The data inconsistencies, such as zero NII and a 0.8% NIM, may indicate that the figures are not fully representative of the bank's operations. The revenue decline, despite stable margins, could imply fee income compression or reduced trading volumes. Investors should be cautious in drawing conclusions until more complete financial disclosures are available.