Liquidity management remains conservative, evidenced by cash and bank balances that have fluctuated between 52.9 billion dollars and 116.7 billion dollars over the last ten quarters.
| 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'97 |
|---|
| Cash from Operations | 0 | -22.54B | -11.34B | -11.11B | -14.94B | 18.46B | 13.05B | 6.92B | -5.25B | 8.55B | 10.58B | 12.02B | -8.42B | -9.26B | 9.19B | -4.78B | -27.4B | 12.82B | 11.71B | 9.75B | 33.72B | 76.03B | 60.07B | 39.26B | 23.46B | -3.51B | 23.65B | 6.62B |
| Operating CF Growth % | 100% | -98.8% | -2.05% | 25.64% | -180.95% | 41.39% | 88.79% | 231.64% | -161.42% | -19.14% | -12% | 242.78% | 9.09% | -200.79% | 292.4% | 82.57% | -313.68% | 9.52% | 20.08% | -71.09% | -55.64% | 26.55% | 53.02% | 67.3% | 767.62% | -114.86% | 257.36% | - |
| Net Income | 6.33B | 9.3B | 10.49B | 5.5B | 5.95B | 3.81B | 6.83B | 6.84B | 7.27B | 6.34B | 6.19B | 2.23B | 6.29B | 4.15B | 5.88B | 3.88B | -2.18B | -1.49B | 11.04B | 9.94B | 7.51B | 8B | 5.87B | 5.93B | 6.08B | 12.02B | 4.94B | 1.84B |
| Depreciation & Amortization | 0 | 673M | 674M | 711M | 834M | 829M | 789M | 520M | 520M | 536M | 634M | 692M | 765M | 777M | 1.51B | 1.72B | 1.7B | 1.49B | 1.38B | 1.3B | 1.28B | 498.67M | 624.11M | 993.95M | 592.3M | 610.1M | 541.62M | 344.18M |
| Deferred Taxes | 0 | 0 | 0 | -26M | 0 | -19M | -41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 277M | 1.3B | -1.13B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.33B | -1.21B | -4.57B | 5.91B | 18.35B | -82.52B | -1.19B | -2.71B | -312M | 866M | -1.38B | -792M | -3.24B | 2.97B | 3.05B | 8.2B | 8.71B | 24.11B | 20.04B | 9.96B | 29.26B | 64.8B | 55.76B | 58.48B | 17.32B | -57.55B | -12.12B | -18.64B |
| Working Capital Changes | 0 | -31.31B | -17.94B | -23.24B | -40.11B | 96.34B | 6.63B | 2.27B | -12.73B | 809M | 5.13B | 9.89B | -12.23B | -17.16B | -1.57B | -19.83B | -38.19B | -11.29B | -20.75B | -11.45B | -4.32B | 2.72B | -2.17B | -26.15B | -522.62M | 41.41B | 30.3B | 23.07B |
| Cash from Investing | 0 | -6.03B | -8.54B | -5.31B | 6.22B | -8.49B | -2.5B | 5.45B | 11.75B | 6.13B | 4.2B | -7.42B | 9.27B | 576M | 6.5B | -3.35B | 3.24B | -10B | -13.93B | -31.32B | -50.27B | -73.55B | -65.44B | -26.58B | -27.2B | -14.25B | -22.38B | -7.57B |
| Purchase of Investments | 0 | -131.55B | -69.97B | -43.7B | -58.4B | -54.8B | -29.44B | -28.86B | -25.55B | -29.07B | -54.31B | -113.59B | -188.74B | -212.06B | -281.15B | -216.09B | -231.65B | -295.25B | -339.98B | -339.9B | 218.93B | -279.06B | -325.87B | -295.39B | -267.42B | -114.1B | -112.69B | -83.43B |
| Sale/Maturity of Investments | 0 | 125.8B | 61.62B | 38.54B | 64.74B | 46.52B | 26.49B | 34.48B | 35.72B | 34.25B | 62.64B | 106.86B | 198.68B | 212.03B | 285.03B | 212.42B | 233.23B | 287.42B | 330.22B | 311.78B | -261.6B | 213.09B | 273.29B | 260.96B | 240.51B | 109.62B | 101.14B | 75.86B |
| Net Investment Activity | 0 | -5.75B | -8.36B | -5.17B | 6.34B | -8.27B | -2.95B | 5.63B | 10.16B | 5.18B | 8.32B | -6.73B | 9.94B | -34M | 3.88B | -3.67B | 1.57B | -7.83B | -9.76B | -28.12B | -42.67B | -65.97B | -52.58B | -34.43B | -26.91B | -4.48B | -11.54B | -7.57B |
| Acquisitions | 0 | 0 | 0 | 7M | 27M | -3M | -17M | -111M | 1.89B | 1.37B | -6.93B | -1.22B | -4.64B | -6.54B | 4.12B | 1.76B | 2.64B | -135M | -2.2B | -1.87B | 1.69B | 6.32B | 6.59B | 0 | 9.15B | 11.44B | 5.59B | 0 |
| Other Investing | 0 | 50M | 58M | 83M | 38M | 73M | 825M | 223M | -40M | -64M | 3.15B | 900M | 4.35B | 7.57B | -992M | -913M | -333M | -1.33B | -1.39B | -764M | -7.59B | -7.58B | -12.87B | 7.85B | -289.97M | -9.77B | -10.84B | 0 |
| Cash from Financing | 0 | 5.37B | 18.4B | 4.65B | 5.39B | -34.8B | -4.15B | 15.98B | -3.95B | -19.06B | -11.16B | -4.66B | -8.7B | -1.67B | -6.93B | 7.64B | 13.85B | 45.73B | -12.83B | 16.82B | 7.31B | 1.52B | 971.1M | 3.19B | 5.29B | 7.8B | 4.13B | 3.24B |
| Dividends Paid | 0 | -3.88B | -2.97B | -3.09B | -2.38B | -3M | -2.68B | -2.61B | -2.56B | -2.52B | -1.39B | 0 | 0 | 0 | 0 | 0 | -1.03B | -3.21B | -3.04B | -2.72B | -2.46B | -881.53M | -925.04M | -1.98B | -2.3B | -902.9M | -725.47M | -243.64M |
| Share Repurchases | 0 | -3.82B | -3.53B | -1.72B | -1.61B | 0 | 0 | 0 | 0 | 0 | 0 | -2.26B | -1.13B | -1.14B | -3B | -136M | -5.45B | -2.39B | -3.45B | -1.42B | -303M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 5M | 1M | 4M | 7M | 10M | 34M | 0 | 119M | 160M | 41M | 92M | 7.39B | 10.7B | 1.24B | 378M | 169M | 1.04B | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 0 | -3.82B | -3.53B | -1.72B | -1.61B | 5M | 1M | 4M | 7M | 10M | 34M | -2.26B | -1.01B | -982M | -2.96B | -44M | 1.95B | 8.31B | -2.2B | -1.04B | -134M | 1.04B | 0 | 0 | 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 | 1000K | 1000K |
| Other Financing | 0 | 1M | 0 | -1M | 1M | 0 | 3M | 31.63B | 18.29B | 10M | 24.19B | 2.73B | 17.17B | 27.72B | 27.02B | 0 | 0 | 20.04B | 0 | 0 | -19.41B | 746.67M | -794.03K | -952.97K | 1.12M | 1.06M | 993.79K | -90.91K |
| Net Change in Cash | -69.07B | -23.94B | -2.38B | -12.27B | -3.9B | 57.54B | 6.5B | 28.55B | 2.81B | -4.21B | 3.27B | -67M | -6.97B | -10.13B | 8.56B | -219M | -10.31B | 48.08B | -15.02B | -5.13B | -9.54B | 3.95B | -491.5M | 16.36B | 1.2B | -11.37B | 4B | 1.96B |
| Exchange Rate Effect | 0 | -740M | -898M | -504M | -565M | -425M | 95M | 204M | 260M | 155M | -342M | -4M | 882M | 219M | -200M | 265M | -4M | -464M | 40M | -385M | -299.73M | -42.79M | 3.91B | 499.36M | -360.78M | -1.4B | -1.4B | -328.91M |
| Cash at Beginning | 69.07B | 93.01B | 95.39B | 107.67B | 111.57B | 54.03B | 47.53B | 18.98B | 16.16B | 20.38B | 17.11B | 17.18B | 24.15B | 34.28B | 20.74B | 20.96B | 31.27B | -16.81B | -1.79B | 3.33B | 12.87B | 7.33B | 7.82B | 4.68B | 3.49B | 14.87B | 10.87B | 1.95B |
| Cash at End | 0 | 69.07B | 93.01B | 95.39B | 107.67B | 111.56B | 54.03B | 47.53B | 18.98B | 16.16B | 20.38B | 17.11B | 17.18B | 24.15B | 29.3B | 20.74B | 20.96B | 31.27B | -16.81B | -1.79B | 3.33B | 11.28B | 7.32B | 21.05B | 4.69B | 3.5B | 14.87B | 3.91B |
| Interest Paid | 0 | 41.19B | 33.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -22.88B | -11.59B | -11.34B | -15.13B | 102.89B | 12.7B | 6.63B | -5.52B | 8.2B | 10.22B | 11.64B | -8.81B | -9.68B | 8.69B | -5.3B | -28.04B | 12.12B | 11.13B | 9.18B | 32.03B | 69.71B | 53.49B | 39.26B | 14.31B | -14.95B | 18.07B | 6.62B |
| FCF Growth % | 100% | -97.45% | -2.14% | 25.01% | -114.7% | 710.17% | 91.58% | 220.16% | -167.26% | -19.78% | -12.2% | 232.23% | 9.06% | -211.45% | 263.86% | 81.09% | -331.45% | 8.82% | 21.25% | -71.33% | -54.05% | 30.33% | 36.25% | 174.28% | 195.73% | -182.75% | 172.98% | - |
Credit provisioning and margin pressure
Based on reported financial statements, ING has maintained consistent net income generation, averaging approximately 1.6 billion dollars per quarter over the last ten periods, which suggests a stable capacity for internal capital accumulation despite the absence of explicit operating cash flow data in the provided bank disclosures.
The bank's ability to generate steady quarterly earnings provides a necessary buffer against potential credit volatility. Investors should monitor whether this earnings consistency remains sufficient to support regulatory capital requirements as the bank navigates a more challenging interest rate environment.
As reported in recent financial filings, ING's loan loss provisions have trended upward, reaching 365 million dollars in 2025Q4 compared to 86 million dollars in 2023Q4, which indicates that management is proactively adjusting its balance sheet for a potentially more difficult credit cycle across its European retail segments.
This increase in provisioning suggests that the bank is anticipating higher credit risk, likely reflecting macroeconomic headwinds in the Dutch and German markets. Analysts should interpret this trend as a defensive posture that may weigh on near-term net income despite the bank's underlying operational efficiency.
According to the provided data, the absence of explicit operating, investing, and financing cash flow figures highlights the inherent limitations of standard cash flow reporting for ING, necessitating a reliance on balance sheet and income statement metrics to assess the bank's true liquidity and capital position.
The lack of granular cash flow data prevents a direct assessment of securities portfolio turnover or debt issuance activity. Consequently, investors must look toward regulatory capital disclosures and net interest margin trends to infer the bank's actual liquidity management and funding stability.
Quick answers to the most common questions about buying ING stock.
ING Groep N.V. (ING) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ING Groep N.V. (ING) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
ING Groep N.V. (ING) 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.