Revenue growth is accelerating with NII up 13.2% year-over-year, but profitability is constrained by a static 0.3% NIM and a declining fee income ratio that fell to 47.4% in 2026Q2.
Deutsche Bank AG (DB) annual income statement — 26-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 |
|---|
| Net Interest Income | 17.01B | 15.69B | 13.06B | 13.6B | 13.65B | 11.15B | 11.53B | 13.75B | 13.32B | 12.29B | 14.5B | 15.58B | 14.18B | 14.75B | 15.84B | 17.3B | 15.45B | 12.37B | 12.14B | 8.65B | 6.8B | 5.74B | 4.88B | 5.84B | 7.19B | 8.64B | 7.05B |
| NII Growth % | 51.58% | 20.06% | -3.96% | -0.35% | 22.38% | -3.23% | -16.17% | 3.25% | 8.36% | -15.25% | -6.93% | 9.9% | -3.9% | -6.84% | -8.45% | 11.98% | 24.89% | 1.87% | 40.37% | 27.17% | 18.55% | 17.51% | -16.36% | -18.84% | -16.71% | 22.53% | - |
| Net Interest Margin % | 1.08% | 1.09% | 0.94% | 1.04% | 1.02% | 0.84% | 0.87% | 1.06% | 0.99% | 0.83% | 0.91% | 0.96% | 0.83% | 0.92% | 0.79% | 0.8% | 0.81% | 0.82% | 0.55% | 0.43% | 0.6% | 0.58% | 0.58% | 0.73% | 0.95% | 0.94% | 0.76% |
| Interest Income | 44.46B | 44.44B | 49.36B | 44.08B | 24.3B | 16.6B | 17.81B | 25.21B | 24.72B | 23.45B | 24.94B | 25.66B | 24.91B | 25.52B | 31.45B | 34.22B | 28.64B | 26.86B | 54.24B | 64.47B | 58.07B | 41.44B | 27.72B | 27.53B | 35.81B | 53.73B | 55.28B |
| Interest Expense | 27.46B | 28.76B | 36.29B | 30.47B | 10.65B | 5.45B | 6.28B | 11.46B | 11.4B | 11.16B | 10.44B | 10.09B | 10.73B | 10.77B | 15.62B | 16.92B | 13.2B | 14.49B | 42.1B | 55.83B | 51.27B | 35.71B | 22.84B | 21.7B | 28.62B | 45.1B | 48.24B |
| Loan Loss Provision | 1.65B | 1.71B | 1.83B | 1.5B | 1.23B | 515M | 1.79B | 723M | 525M | 533M | 1.4B | 987M | 1.16B | 2.09B | 1.73B | 1.85B | 1.29B | 2.69B | 1.13B | 616M | 298M | 374M | 372M | 1.11B | 2.09B | 1.03B | 479.13M |
| Non-Interest Income | 15.81B | 16.42B | 16.98B | 15.27B | 13.01B | 14.15B | 12.44B | 9.3B | 11.35B | 13.51B | 15.07B | 17.81B | 17.16B | 16.82B | 17.71B | 16.16B | 15.13B | 15.29B | 319M | 20.68B | 21B | 18.76B | 16.63B | 15.39B | 19.38B | 21.04B | 27.53B |
| Non-Interest Income % | 48.17% | 51.15% | 56.52% | 52.89% | 48.79% | 55.92% | 51.91% | 40.35% | 46.02% | 52.37% | 50.97% | 53.34% | 54.77% | 53.27% | 52.79% | 48.31% | 49.47% | 55.29% | 2.56% | 70.51% | 75.54% | 76.58% | 77.3% | 72.51% | 72.93% | 70.9% | 79.62% |
| Total Net Revenue | 32.82B | 32.11B | 30.05B | 28.88B | 26.66B | 25.3B | 23.97B | 23.05B | 24.67B | 25.8B | 29.57B | 33.39B | 31.34B | 31.57B | 33.54B | 33.46B | 30.57B | 27.66B | 12.46B | 29.33B | 27.8B | 24.5B | 21.51B | 21.23B | 26.57B | 29.67B | 34.58B |
| Revenue Growth % | 3.91% | 6.86% | 4.06% | 8.32% | 5.35% | 5.57% | 3.98% | -6.57% | -4.38% | -12.75% | -11.43% | 6.55% | -0.73% | -5.89% | 0.25% | 9.45% | 10.52% | 122% | -57.52% | 5.5% | 13.47% | 13.9% | 1.32% | -20.1% | -10.46% | -14.18% | - |
| Non-Interest Expense | 20.84B | 20.68B | 22.93B | 21.69B | 19.84B | 21.4B | 21.16B | 24.96B | 22.82B | 24.04B | 28.98B | 38.5B | 27.06B | 28.02B | 31B | 26.22B | 25.3B | 19.76B | 17.07B | 19.96B | 19.16B | 18.01B | 17.11B | 17.37B | 20.93B | 26.84B | 27.21B |
| Efficiency Ratio | 63.51% | 64.41% | 76.3% | 75.12% | 74.41% | 84.57% | 88.26% | 108.29% | 92.48% | 93.17% | 98.01% | 115.3% | 86.36% | 88.76% | 92.42% | 78.37% | 82.77% | 71.45% | 137.03% | 68.07% | 68.93% | 73.53% | 79.54% | 81.81% | 78.76% | 90.46% | 78.69% |
| Operating Income | 10.32B | 9.71B | 5.29B | 5.68B | 5.59B | 3.39B | 1.02B | -2.63B | 1.33B | 1.23B | -810M | -6.1B | 3.12B | 1.46B | 814M | 5.39B | 3.98B | 5.2B | -5.74B | 8.75B | 8.34B | 6.11B | 4.03B | 2.75B | 3.55B | 1.81B | 6.89B |
| Operating Margin % | 31.46% | 30.25% | 17.61% | 19.66% | 20.99% | 13.4% | 4.26% | -11.43% | 5.39% | 4.76% | -2.74% | -18.26% | 9.94% | 4.62% | 2.43% | 16.11% | 13% | 18.81% | -46.08% | 29.83% | 30% | 24.95% | 18.73% | 12.96% | 13.37% | 6.09% | 19.92% |
| Operating Income Growth % | - | 83.59% | -6.82% | 1.5% | 65.01% | 232.03% | 138.76% | -298.05% | 8.31% | 251.6% | 86.71% | -295.67% | 113.86% | 78.99% | -84.9% | 35.6% | -23.59% | 190.61% | -165.62% | 4.92% | 36.44% | 51.7% | 46.44% | -22.54% | 96.65% | -73.78% | - |
| Pretax Income | 10.32B | 9.73B | 5.29B | 5.68B | 5.59B | 3.39B | 1.02B | -2.63B | 1.33B | 1.23B | -810M | -6.1B | 3.12B | 1.46B | 814M | 5.39B | 3.98B | 5.2B | -5.74B | 8.75B | 8.34B | 6.11B | 4.03B | 2.75B | 3.55B | 1.81B | 6.89B |
| Pretax Margin % | 31.46% | 30.31% | 17.61% | 19.66% | 20.99% | 13.4% | 4.26% | -11.43% | 5.39% | 4.76% | -2.74% | -18.26% | 9.94% | 4.62% | 2.43% | 16.11% | 13% | 18.81% | -46.08% | 29.83% | 30% | 24.95% | 18.73% | 12.96% | 13.37% | 6.09% | 19.92% |
| Income Tax | 2.86B | 2.59B | 1.79B | 787M | -64M | 880M | 397M | 2.63B | 989M | 1.96B | 546M | 675M | 1.43B | 775M | 498M | 1.06B | 1.65B | 244M | -1.84B | 2.24B | 2.26B | 2.58B | 1.56B | 1.54B | 3.19B | 1.43B | -6.66B |
| Effective Tax Rate % | 27.67% | 26.64% | 33.76% | 13.86% | -1.14% | 25.96% | 38.88% | -99.85% | 74.36% | 159.85% | -67.41% | -11.07% | 45.73% | 53.19% | 61.18% | 19.74% | 41.38% | 4.69% | 32.14% | 25.59% | 27.1% | 42.26% | 38.64% | 55.96% | 89.86% | 79.28% | -96.71% |
| Net Income | 7.24B | 6.93B | 3.37B | 4.77B | 5.53B | 2.37B | 495M | -5.39B | 267M | -751M | -1.4B | -6.79B | 1.66B | 666M | 263M | 4.13B | 2.31B | 4.97B | -3.83B | 6.47B | 6.07B | 3.53B | 2.47B | 1.36B | 396.44M | 167.46M | 13.55B |
| Net Margin % | 22.07% | 21.59% | 11.2% | 16.53% | 20.73% | 9.35% | 2.07% | -23.38% | 1.08% | -2.91% | -4.74% | -20.35% | 5.31% | 2.11% | 0.78% | 12.35% | 7.56% | 17.98% | -30.78% | 22.07% | 21.83% | 14.4% | 11.49% | 6.42% | 1.49% | 0.56% | 39.19% |
| Net Income Growth % | 26.34% | 105.91% | -29.46% | -13.63% | 133.62% | 377.78% | 109.18% | -2118.73% | 135.55% | 46.43% | 79.36% | -508.54% | 149.7% | 153.23% | -93.64% | 78.87% | -53.55% | 229.67% | -159.24% | 6.66% | 72% | 42.76% | 81.42% | 243.7% | 136.73% | -98.76% | - |
| Net Income (Continuing) | 7.47B | 7.14B | 3.5B | 4.89B | 5.66B | 2.51B | 624M | -5.26B | 341M | -735M | -1.36B | -6.77B | 1.69B | 682M | 316M | 4.33B | 2.33B | 4.96B | -3.9B | 6.51B | 6.08B | 3.53B | 2.47B | 1.21B | 360.22M | 374.26M | 13.55B |
| EPS (Diluted) | 3.31 | 3.09 | 1.37 | 2.03 | 2.37 | 0.93 | 0.07 | -2.49 | 0.13 | -0.38 | -0.90 | -3.90 | 1.20 | 0.55 | 0.23 | 3.66 | 2.49 | 5.91 | -5.84 | 10.14 | 8.92 | 5.40 | 3.52 | 1.80 | 0.49 | 0.21 | 16.86 |
| EPS Growth % | 31.64% | 125.55% | -32.51% | -14.35% | 154.84% | 1241.99% | 102.78% | -2015.38% | 134.21% | 57.78% | 76.92% | -425% | 118.18% | 139.13% | -93.72% | 46.99% | -57.87% | 201.2% | -157.59% | 13.68% | 65.19% | 53.41% | 95.56% | 267.35% | 133.33% | -98.75% | - |
| EPS (Basic) | - | 3.16 | 1.40 | 2.07 | 2.42 | 0.95 | 0.07 | -2.49 | 0.13 | -0.38 | -0.90 | -3.90 | 1.20 | 0.57 | 0.24 | 3.79 | 2.61 | 6.14 | -5.85 | 10.60 | 10.07 | 5.92 | 3.90 | 1.90 | 0.50 | 0.21 | 17.08 |
| Diluted Shares Outstanding | 2.19B | 2B | 2.04B | 2.1B | 2.13B | 2.14B | 2.17B | 2.11B | 2.1B | 1.97B | 1.56B | 1.74B | 1.42B | 1.2B | 1.13B | 1.12B | 928.98M | 841.93M | 656.21M | 638.69M | 671M | 654.78M | 684.52M | 758.2M | 810.09M | 797.91M | 803.51M |
Quick answers to the most common questions about buying DB stock.
For fiscal year 2025, Deutsche Bank AG (DB) reported total revenue of $32.11B. This represents a 7.1% decline compared to $34.58B in 2000.
Deutsche Bank AG (DB) is profitable, generating $6.93B in net income for the fiscal year ending 2025 with a net profit margin of 21.6%.
Deutsche Bank AG (DB) reported an operating income of $9.71B, resulting in an operating profit margin of 30.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Deutsche Bank AG (DB) generated $30.40B in gross profit for the year, representing a gross profit margin of 94.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Fee income volatility and credit cost normalization
NII Growth Driven by Rate and Volume Tailwinds
Net interest income has accelerated sharply, growing 13.2% year-over-year in 2026Q2 to $4.3B, a significant improvement from the negative growth seen in early 2024, suggesting the bank is benefiting from a favorable rate environment and loan book expansion.
The sustained double-digit NII growth over the past four quarters indicates that Deutsche Bank's asset repricing and balance sheet management are effectively capturing the higher rate environment. This trajectory appears to be a key driver of the bank's overall revenue recovery, moving past the contraction phase observed in 2024. Investors should monitor whether this growth rate is sustainable as the rate cycle potentially turns.
NIM Stability Amidst Revenue Mix Shifts
Despite strong NII growth, the net interest margin has remained static at 0.3% for the last six quarters, indicating that asset yield improvements are being offset by rising funding costs or a shift in the balance sheet composition.
The flat NIM trend is notable given the broader rate environment and suggests Deutsche Bank may be experiencing competitive pressures on deposit pricing or is strategically prioritizing volume over margin. This stability, while not expanding, provides a predictable earnings base. The bank's NIM appears compressed relative to some peers, warranting investigation into its specific asset-liability management and funding profile.
Efficiency Ratio Volatility Masks Underlying Trend
The efficiency ratio has shown extreme volatility, from 88.3% in 2024Q2 to a low of 5.1% in 2025Q4, but has recently stabilized in the low-to-mid 60% range, suggesting underlying operational leverage is improving as revenue grows faster than costs.
The recent quarters with efficiency ratios in the 58-65% range represent a meaningful improvement from the 2024 highs, indicating that the bank's cost discipline is beginning to translate into better operating leverage. The anomalous 5.1% reading in 2025Q4 appears to be a one-time event, likely related to a significant non-interest income adjustment, and should be disregarded for trend analysis. The current trajectory suggests the bank is moving toward a more sustainable cost structure.
Provision Volatility Signals Shifting Credit Cycle
Loan loss provisions have been highly erratic, swinging from a $6.3B benefit in 2025Q4 to a $519M expense in 2026Q1, indicating that the bank's credit quality outlook is in flux and may be normalizing from a period of elevated reserves.
The large negative provision in 2025Q4 suggests a significant release of previously built reserves, which artificially boosted net income for that period. The return to positive provisioning in subsequent quarters implies management is now anticipating a more normalized credit environment. This volatility makes it difficult to assess the underlying credit quality trend and introduces uncertainty into the earnings outlook.
Fee Income Decline Weighs on Revenue Diversification
Non-interest income has deteriorated significantly, falling from $4.6B in 2024Q2 to $3.9B in 2026Q2, and the fee income ratio has dropped from 60.2% to 47.4%, indicating a concerning loss of revenue diversification and increased reliance on net interest income.
The declining fee income trend is a material concern as it reduces earnings stability and increases sensitivity to interest rate movements. The shift in revenue mix toward NII, while currently growing, may leave the bank more vulnerable in a falling rate environment. This trend warrants close monitoring, as it could signal challenges in the bank's investment banking, wealth management, or transactional fee businesses.
Earnings Quality Challenged by Provision and Fee Volatility
The bank's recent earnings growth is heavily influenced by volatile provision releases and declining fee income, which together suggest that the underlying earnings power may be weaker than the headline net income growth implies.
The 48.6% EPS growth in 2026Q2 is impressive on the surface, but it is partially supported by a lower provision expense compared to the prior year and a very weak 2024Q2 base where EPS was negative. The simultaneous decline in fee income and the erratic provision pattern raise questions about the sustainability and quality of the current earnings trajectory. Investors should focus on pre-provision net revenue (PPNR) trends to gauge the bank's core operational performance.