Liquidity management remains focused on regulatory compliance, with cash and bank balances reaching $164.7 billion in 2025Q4 to support the bank's $1.4 trillion asset base.
| 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 |
|---|
| Cash from Operations | 0 | -28.58B | 5.61B | -2.11B | -2.95B | 30.74B | -40.45B | -54.17B | 39.58B | 70.61B | 67.25B | 2.05B | 7.18B | -23.95B | 7.8B | -3.68B | -13.79B | 37.12B | 16.79B | 11.16B | -63.96B | -28.1B | -8.8B | -783.34M | -13.23B | -33.43B |
| Operating CF Growth % | 100% | -609.88% | 365.31% | 28.42% | -109.6% | 175.99% | 25.33% | -236.88% | -43.95% | 4.99% | 3177.39% | -71.44% | 129.99% | -407.02% | 312.24% | 73.34% | -137.14% | 121.07% | 50.39% | 117.45% | -127.64% | -219.16% | -1023.83% | 94.08% | 60.41% | - |
| Net Income | 6.93B | 3.5B | 4.89B | 5.66B | 2.51B | 624M | -5.26B | 341M | -735M | -1.36B | -6.77B | 1.69B | 681M | 316M | 4.33B | 2.33B | 4.96B | -3.9B | 6.51B | 6.08B | 3.53B | 2.47B | 1.36B | 396.44M | 167.46M | 13.55B |
| Depreciation & Amortization | 0 | 0 | 0 | 1.94B | 0 | 2.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7B | 4.25B | 1.78B | 3.05B | 1.73B | 1.56B | 1.47B | 1.77B | 3.07B | 2.85B | 4.89B | 3.33B |
| Deferred Taxes | 0 | 473M | -553M | -852M | 19M | -296M | 1.87B | 276M | 1.23B | -312M | -987M | 673M | -179M | 723M | -387M | 315M | -296M | -1.52B | -918M | 165M | 964M | 838M | 268.38M | 2.48B | -159.6M | -8.36B |
| Other Non-Cash Items | -6.93B | 5.14B | 4.86B | 2.26B | 3.87B | 1.27B | 4.98B | 2.53B | 2.42B | 4.53B | 9.44B | 4.87B | 3.98B | 4.33B | 776M | 454M | 1.78B | -716.38M | -1.67B | -940.05M | -1.31B | -154.86M | 690.01M | -1.54B | 410.23M | -824.11M |
| Working Capital Changes | 0 | -37.7B | -3.59B | -11.56B | -9.35B | 26.7B | -42.03B | -57.32B | 36.66B | 67.75B | 65.58B | -5.19B | 2.7B | -29.32B | -610M | -11.03B | -22.02B | 40.2B | 11.13B | 4.3B | -68.62B | -33.03B | -14.19B | -4.97B | -18.55B | -41.13B |
| Cash from Investing | 0 | -6.78B | -2.58B | -17.18B | 23.59B | -1.89B | -10.28B | 7.63B | 2.43B | 11.24B | -8.24B | -12.82B | -3.02B | -2.65B | 11.91B | 7.48B | 401M | -769M | -4.39B | -3.47B | -49.64B | -728M | 7.46B | 23.66B | 15.43B | -2.48B |
| Purchase of Investments | 0 | -53.06B | -43.57B | -59.86B | -54.07B | -86.72B | -76.72B | -41.34B | -13.48B | -21.72B | -29.76B | -34.24B | -31.61B | -22.18B | -20.21B | -14.23B | -15.81B | -38.7B | -26.5B | -24.38B | -51.08B | -26.4B | -19.91B | -40.98B | -82.63B | -55.62B |
| Sale/Maturity of Investments | 0 | 48.16B | 43.13B | 43.64B | 79.11B | 86.36B | 65.89B | 50.16B | 17.54B | 32.93B | 22.18B | 20.84B | 29.69B | 20.56B | 32.92B | 15.08B | 18.54B | 38.83B | 21.98B | 22.19B | 16.36B | 33.95B | 26.46B | 38.69B | 43.95B | 98.85B |
| Net Investment Activity | 0 | -4.9B | -439M | -16.21B | 25.05B | -365M | -10.83B | 8.81B | 4.05B | 11.21B | -7.58B | -13.39B | -1.92B | -1.62B | 12.71B | 851M | 2.72B | 126M | -4.51B | -2.18B | -34.72B | 7.55B | 6.56B | -2.29B | -38.68B | 43.23B |
| Acquisitions | 0 | 23M | -361M | 439M | -5M | 5M | 1.76B | 220M | 82M | 2.02B | 555M | 1.93B | -128M | 96M | 348M | 8.58B | -20M | -24M | -648M | -1.12B | 211M | -223M | 0 | 0 | 0 | -1.1B |
| Other Investing | 0 | -1.37B | -1.35B | -1.06B | -896M | -1.02B | -886M | -935M | -1.22B | -1.27B | -783M | -693M | -459M | -506M | -350M | -1.08B | -1.71B | 68M | 1.45B | 437M | -14.43B | -7.26B | 1.89B | 27.64B | 57.81B | -42.44B |
| Cash from Financing | 0 | -646M | -2.85B | 614M | 1.63B | -311M | -2.8B | -3.33B | 7.14B | -1.65B | -5.58B | 5.79B | -544M | -2.15B | -3.16B | 9.09B | -1.02B | 3.22B | -3.37B | -3.25B | 112.1B | 30.07B | -18.26M | -23.65B | -637.26M | 30.12B |
| Dividends Paid | 0 | -883M | -610M | -406M | 0 | -349M | -227M | -227M | -392M | 0 | -1.03B | -765M | -764M | -689M | -691M | -465M | -309M | -2.27B | -2B | -1.24B | -868M | -828M | -754.33M | -800.49M | -802.47M | -708.05M |
| Share Repurchases | 0 | -1.13B | -857M | -695M | -346M | -1.07B | -1.36B | -4.12B | -7.91B | -5.26B | -9.18B | -9.19B | -13.65B | -12.17B | -13.78B | -15.37B | -19.24B | -21.74B | -41.13B | -38.83B | -43.8B | -34.47B | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 35M | 0 | 1.19B | 3.91B | 15.51B | 4.98B | 8.32B | 16.83B | 15.46B | 11.44B | 12.23B | 23.58B | 18.11B | 23.64B | 40.12B | 37.06B | 42.08B | 30.85B | 0 | 0 | 0 | 0 |
| Net Stock Activity | 0 | -1.13B | -857M | -695M | -311M | -1.07B | -168M | -207M | 7.6B | -281M | -861M | 7.64B | 1.81B | -734M | -1.55B | 8.21B | -1.13B | 1.91B | -1.01B | -1.77B | -1.72B | -3.62B | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Other Financing | 0 | 2.05B | -587M | -1.79B | 2.02B | 1.25B | -408M | 932M | -371M | -362M | -261M | 4.62B | 10M | -70M | -270M | 193M | 104M | 317M | 572M | 104M | 109.49B | 22.43B | -21.42B | -41.77B | 20.42B | -17.09B |
| Net Change in Cash | -130.67B | -33.1B | -1.86B | -14.32B | 23.62B | 27.46B | -51.95B | -48.2B | 43.38B | 80.17B | 53.52B | -4.08B | 2.72B | -28.71B | 15.59B | 14.8B | -13.71B | 39.17B | 8.74B | 3.93B | -1.01B | 943M | -2.34B | -1.41B | 1.89B | -3.08B |
| Exchange Rate Effect | 0 | 2.91B | -2.04B | 4.35B | 1.34B | -1.07B | 1.58B | 1.67B | -5.77B | -28M | 94M | 897M | -907M | 39M | -964M | 1.91B | 690M | -402M | -289M | -510M | 487M | -300M | -972.69M | -634.68M | 325.93M | 2.72B |
| Cash at Beginning | 130.67B | 163.77B | 165.63B | 179.95B | 156.33B | 128.87B | 180.82B | 229.03B | 185.65B | 105.48B | 51.96B | 56.04B | 53.32B | 82.03B | 66.35B | 51.55B | 65.26B | 26.1B | 17.35B | 13.42B | 7.58B | 6.64B | 8.96B | 10.4B | 8.52B | 11.6B |
| Cash at End | 0 | 130.67B | 163.77B | 165.63B | 179.95B | 156.33B | 128.87B | 180.82B | 229.03B | 185.65B | 105.48B | 51.96B | 56.04B | 53.32B | 81.95B | 66.35B | 51.55B | 65.26B | 26.1B | 17.35B | 6.57B | 7.58B | 6.62B | 8.99B | 10.41B | 8.53B |
| Interest Paid | 0 | 36.03B | 28.5B | 9.47B | 5.56B | 6.94B | 11.49B | 11.74B | 11.78B | 10.81B | 10.61B | 11.42B | 10.69B | 15.82B | 17.23B | 13.74B | 15.88B | 43.72B | 55.07B | 49.92B | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 1.39B | 955M | 1.29B | 1.03B | 805M | 945M | 468M | 689M | 1.57B | 902M | 377M | 742M | 1.28B | 1.33B | 784M | 520M | 2.5B | 2.81B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -29.11B | 5.18B | -2.45B | -3.5B | 30.22B | -40.78B | -54.64B | 39.09B | 69.89B | 66.82B | 1.38B | 6.67B | -24.57B | 7.01B | -4.55B | -14.38B | 36.18B | 16.11B | 10.56B | -64.66B | -28.89B | -9.79B | -2.48B | -16.93B | -35.6B |
| FCF Growth % | 100% | -661.57% | 311.59% | 30.04% | -111.59% | 174.12% | 25.37% | -239.77% | -44.06% | 4.59% | 4731.53% | -79.27% | 127.15% | -450.57% | 254.06% | 68.36% | -139.74% | 124.5% | 52.63% | 116.33% | -123.83% | -195% | -294.78% | 85.35% | 52.44% | - |
Credit provision volatility
According to the provided financial data, Deutsche Bank reported net income of $1.5 billion in 2025Q4, contributing to a cumulative earnings profile that suggests the bank is attempting to rebuild its capital base following periods of significant operational restructuring and historical litigation-related capital outflows.
The bank's ability to generate organic capital remains tied to its capacity to maintain consistent profitability across its four core segments. Investors should monitor whether these earnings are being retained to bolster the CET1 ratio or if they are being absorbed by ongoing restructuring costs and potential litigation settlements.
As reported in the bank's financial statements, the provision for credit losses reached a negative $6.3 billion in 2025Q4, a dramatic reversal from the $420 million charge in 2024Q4, which warrants further investigation into whether this reflects a genuine improvement in asset quality or accounting adjustments.
This massive swing in provisions suggests that the bank's bottom-line performance is highly sensitive to internal credit assessments and potential reserve releases. Analysts should be cautious, as such volatility may obscure the true underlying credit risk within the German industrial and US commercial real estate portfolios.
Based on the provided data, the absence of reported operating cash flow figures across the last ten quarters highlights the limited utility of the traditional cash flow statement for assessing Deutsche Bank's liquidity, necessitating a focus on balance sheet movements and regulatory capital disclosures instead.
The lack of transparency in cash flow reporting for a G-SIB of this scale suggests that investors must rely on secondary indicators like RWA density and liquidity coverage ratios. This structural opacity makes it difficult to ascertain the true cash-generating capacity of the bank's core banking operations versus its trading activities.
Quick answers to the most common questions about buying DB stock.
Deutsche Bank AG (DB) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Deutsche Bank AG (DB) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Deutsche Bank AG (DB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.