NatWest Group plc(NWG)Earnings, Financials & Key Ratios
NWG•NYSE•Banking & Credit
4.7× P/E·Price updated Jun 19, 2026
AboutNatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and internationally. It operates through Retail Banking, Commercial Banking, Private Banking, RBS International, and NatWest Markets segments. The Retail Banking segment offers a range of banking products and related financial services, such as current accounts, mortgages, personal unsecured lending, and personal deposits, as well as mobile and online banking services. The Commercial Banking segment offers banking and financing solutions to start-up, SME, commercial, corporate, and institutional customers. The Private Banking segment provides private banking and wealth management products for high-net-worth individuals and their business interests. The RBS International segment offers banking various products and services to institutional customers. It also operates in wholesale branches and fund depositary service businesses. The NatWest Markets segment provides services to corporate and institutional customers for the management of financial risks for achieving short-term and long-term sustainable financial goals. NatWest Group plc operates approximately 800 branches and 16,000 physical points of presence. The company was formerly known as The Royal Bank of Scotland Group plc and changed its name to NatWest Group plc in July 2020. NatWest Group plc was founded in 1727 and is headquartered in Edinburgh, the United Kingdom.Show more
- Net Interest Income$12.83B+13.8%
- Total Revenue$29.48B+3.2%
- Net Income$5.83B+21.4%
- Return on Equity14.22%+13.4%
- Net Interest Margin1.8%+12.7%
- Efficiency Ratio30.2%+2.0%
- ROA0.82%+19.6%
- Equity / Assets5.96%+7.2%
- Book Value per Share20.98+13.4%
NWG Key Insights
NatWest Group plc (NWG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 7/9
- ✓Efficient operations: 30.2% efficiency ratio
- ✓Share count reduced 4.6% through buybacks
- ✓Trading at only 0.6x book value
✗Weaknesses
- ✗Weak NIM of 1.8%
- ✗Thin capital base
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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NWG Price & Volume
NatWest Group plc (NWG) stock price & volume — 10-year historical chart
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NWG Growth Metrics
NatWest Group plc (NWG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years6.24%
5 Years17.64%
3 Years22.22%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years17.56%
TTM21.43%
EPS CAGR
10 Years-
5 Years-
3 Years25.68%
TTM8.49%
Return on Capital
10 Years1.32%
5 Years2.45%
3 Years2.92%
Last Year3.32%
NWG Recent Earnings
NatWest Group plc (NWG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 1, 2026Metric
Actual
Est
EPS
$0.48+9.1%
$0.44
Rev
$5.9B+2.4%
$5.8B
Q1 2026
Feb 13, 2026Metric
Actual
Est
EPS
$0.46+21.1%
$0.38
Rev
$5.9B+3.6%
$5.7B
Q4 2025
Oct 24, 2025Metric
Actual
Est
EPS
$0.53+26.9%
$0.42
Rev
$4.3B-22.3%
$5.6B
Q3 2025
Jul 25, 2025Metric
Actual
Est
EPS
$0.41+12.3%
$0.37
Rev
$4.0B-26.8%
$5.5B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 1, 2026 | $0.48vs $0.44+9.1% | $5.9Bvs $5.8B+2.4% |
| Q1 2026 | Feb 13, 2026 | $0.46vs $0.38+21.1% | $5.9Bvs $5.7B+3.6% |
| Q4 2025 | Oct 24, 2025 | $0.53vs $0.42+26.9% | $4.3Bvs $5.6B-22.3% |
| Q3 2025 | Jul 25, 2025 | $0.41vs $0.37+12.3% | $4.0Bvs $5.5B-26.8% |
Based on last 12 quarters of dataView full earnings history →
NWG Peer Comparison
NatWest Group plc (NWG) competitors in European universal banks — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 HSBC | 326.39B | 94.97 | 15.70 | 3.19% | 17.23% | 11.4% | 2.68 | |
 BCS | 90.29B | 26.31 | 12.07 | -52.96% | 25.26% | 9.19% | 2.81 | |
 LYG | 81.04B | 5.54 | 15.44 | 72.81% | 7.17% | 9.91% | 1.99 | |
 DB | 67.48B | 35.27 | 9.92 | -8.25% | 12.79% | 8.7% | 3.18 | |
 ING | 90.21B | 31.36 | 12.85 | -65.31% | 15.23% | 12.38% | 3.32 | |
 UBS | 157.65B | 50.80 | 27.17 | -20.43% | 10.48% | 7% | 3.94 | |
 JPM | 908.57B | 325.22 | 16.22 | 3.31% | 20.35% | 15.95% | 2.60 | |
 BAC | 424.14B | 56.20 | 14.71 | -0.45% | 15.93% | 10.15% | 1.21 |
Compare NWG vs Peers
NatWest Group plc (NWG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NWG Income Statement
NatWest Group plc (NWG) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 8.99B | 8.66B | 7.8B | 7.39B | 7.54B | 9.84B | 11.05B | 11.28B | 12.83B |
NII Growth % | 3.2% | -3.68% | -9.9% | -5.26% | 1.98% | 30.62% | 12.26% | 2.05% | 13.78% |
Net Interest Margin % | 1.22% | 1.25% | 1.08% | 0.92% | 0.96% | 1.37% | 1.6% | 1.59% | 1.8% |
Interest Income | 11.03B | 11.05B | 11.13B | 9.71B | 9.23B | 12.64B | 21.03B | 25.19B | 25.7B |
Interest Expense | 2.05B | 2.39B | 3.33B | 2.32B | 1.7B | 2.79B | 9.98B | 13.91B | 12.87B |
Loan Loss Provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-Interest Income | 3.73B | 4.68B | 3.92B | 3.37B | 2.81B | 3.51B | 3.73B | 3.38B | 3.78B |
Non-Interest Income % | 25.26% | 29.78% | 26.05% | 25.77% | 23.3% | 21.74% | 15.08% | 11.83% | 12.82% |
Total Revenue | 14.76B▲ 0% | 15.73B▲ 6.6% | 15.05B▼ 4.4% | 13.08B▼ 13.1% | 12.04B▼ 8.0% | 16.15B▲ 34.1% | 24.76B▲ 53.3% | 28.57B▲ 15.4% | 29.48B▲ 3.2% |
Revenue Growth % | -1.03% | 6.58% | -4.37% | -13.06% | -7.97% | 34.12% | 53.35% | 15.36% | 3.2% |
Non-Interest Expense | 10.48B | 9.98B | 7.74B | 11.31B | 6.5B | 8.22B | 8.61B | 8.46B | 8.9B |
Efficiency Ratio | 70.97% | 63.44% | 51.41% | 86.48% | 53.96% | 50.91% | 34.76% | 29.61% | 30.2% |
Operating Income | 2.24B▲ 0% | 3.36B▲ 50.0% | 3.98B▲ 18.6% | -553M▼ 113.9% | 3.84B▲ 795.1% | 5.13B▲ 33.5% | 6.18B▲ 20.4% | 6.2B▲ 0.3% | 7.71B▲ 24.4% |
Operating Margin % | 15.17% | 21.35% | 26.47% | -4.23% | 31.93% | 31.78% | 24.95% | 21.69% | 26.15% |
Operating Income Growth % | 154.85% | 50.02% | 18.58% | -113.88% | 795.12% | 33.51% | 20.38% | 0.28% | 24.42% |
Pretax Income | 2.24B▲ 0% | 3.36B▲ 50.0% | 3.98B▲ 18.6% | -553M▼ 113.9% | 3.84B▲ 795.1% | 5.13B▲ 33.5% | 6.18B▲ 20.4% | 6.2B▲ 0.3% | 7.71B▲ 24.4% |
Pretax Margin % | 15.17% | 21.35% | 26.47% | -4.23% | 31.93% | 31.78% | 24.95% | 21.69% | 26.15% |
Income Tax | 731M | 1.21B | 439M | 74M | 996M | 1.27B | 1.43B | 1.47B | 1.87B |
Effective Tax Rate % | 32.65% | 35.96% | 11.02% | -13.38% | 25.91% | 24.84% | 23.21% | 23.65% | 24.31% |
Net Income | 1.47B▲ 0% | 2.16B▲ 46.6% | 3.54B▲ 63.9% | -372M▼ 110.5% | 3.27B▲ 978.5% | 3.59B▲ 9.8% | 4.64B▲ 29.2% | 4.8B▲ 3.6% | 5.83B▲ 21.4% |
Net Margin % | 9.98% | 13.72% | 23.52% | -2.84% | 27.15% | 22.23% | 18.72% | 16.81% | 19.78% |
Net Income Growth % | 128.01% | 46.57% | 63.92% | -110.51% | 978.49% | 9.82% | 29.17% | 3.58% | 21.43% |
Net Income (Continuing) | 1.51B | 2.15B | 3.54B | -627M | 2.85B | 3.86B | 4.74B | 4.73B | 5.83B |
EPS (Diluted) | 0.27▲ 0% | 0.56▲ 107.4% | 1.12▲ 100.0% | -0.34▼ 130.4% | 1.08▲ 417.6% | 1.36▲ 25.9% | 1.96▲ 44.1% | 2.12▲ 8.2% | 2.70▲ 27.4% |
EPS Growth % | 110.55% | 107.41% | 100% | -130.36% | 417.65% | 25.93% | 44.12% | 8.16% | 27.36% |
EPS (Basic) | 0.27 | 0.56 | 1.12 | -0.34 | 1.08 | 1.36 | 1.96 | 2.12 | 2.72 |
Diluted Shares Outstanding | 2.77B | 2.8B | 2.81B | 2.81B | 2.71B | 2.48B | 2.3B | 2.13B | 2.03B |
NWG Balance Sheet
NatWest Group plc (NWG) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 99.35B | 89.38B | 145.91B | 209.81B | 261.23B | 154.98B | 116.47B | 106.93B | 98.23B |
Cash & Due from Banks | 98.34B | 88.9B | 81.04B | 124.64B | 177.82B | 145.06B | 104.52B | 93.05B | 85.35B |
Short Term Investments | 1.02B | -54.09B | 64.87B | 85.17B | 83.41B | 9.92B | 11.95B | 13.88B | 12.88B |
Total Investments | 216.44B | 213.36B | 185.28B | 222.93B | 174.32B | 463.23B | 445.42B | 456.04B | 458.84B |
Investments Growth % | -32.4% | -1.42% | -13.16% | 20.32% | -21.8% | 165.73% | -3.84% | 2.38% | 0.61% |
Long-Term Investments | 216.44B | 267.45B | 120.41B | 137.76B | 90.92B | 453.31B | 433.47B | 442.16B | 445.95B |
Accounts Receivables | 378M | 317M | 275M | 216M | 248M | 0 | 0 | 0 | 0 |
Goodwill & Intangibles | 6.54B | 6.62B | 6.62B | 6.66B | 6.72B | 7.12B | 7.61B | 7.59B | 7.29B |
Goodwill | 5.56B | 5.61B | 5.61B | 5.61B | 5.52B | 5.52B | 5.68B | 5.67B | 5.52B |
Intangible Assets | 985M | 1.01B | 1.01B | 1.05B | 1.2B | 1.59B | 1.93B | 1.91B | 1.77B |
PP&E (Net) | 4.6B | 4.35B | 4.93B | 4.42B | 4.23B | 4.24B | 4.23B | 3.97B | 4.28B |
Other Assets | -1.74B | -224.33B | 443.5B | 439.41B | 417.09B | 97.61B | 128.6B | 145.46B | 157.47B |
Total Current Assets | 99.73B | 89.7B | 146.57B | 210.35B | 261.84B | 155.6B | 116.87B | 106.94B | 98.3B |
Total Non-Current Assets | 227.59B | 224.33B | 576.47B | 589.14B | 520.15B | 564.45B | 575.8B | 601.05B | 616.25B |
Total Assets | 738.06B▲ 0% | 694.24B▼ 5.9% | 723.04B▲ 4.1% | 799.49B▲ 10.6% | 781.99B▼ 2.2% | 720.05B▼ 7.9% | 692.67B▼ 3.8% | 707.99B▲ 2.2% | 714.55B▲ 0.9% |
Asset Growth % | -7.59% | -5.94% | 4.15% | 10.57% | -2.19% | -7.92% | -3.8% | 2.21% | 0.93% |
Return on Assets (ROA) | 0.19% | 0.3% | 0.5% | -0.05% | 0.41% | 0.48% | 0.66% | 0.69% | 0.82% |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Debt | 43.28B | 49.91B | 56.88B | 56.53B | 58.33B | 55.32B | 60.07B | 65.92B | 71.83B |
Net Debt | -55.06B | -38.99B | -24.17B | -68.11B | -119.49B | -89.75B | -44.44B | -27.13B | -13.52B |
Long-Term Debt | 0 | 0 | 56.88B | 56.53B | 58.33B | 55.32B | 60.07B | 65.92B | 71.83B |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | -1.05B | -905M | 192.87B | 207.21B | 152.44B | 138.58B | 127.46B | 124.85B | 119.8B |
Total Current Liabilities | 110.45B | 228.54B | 429.74B | 491.92B | 529.41B | 489.66B | 467.95B | 477.84B | 480.31B |
Total Non-Current Liabilities | 688.96B | 647.75B | 249.74B | 263.74B | 210.78B | 193.9B | 187.53B | 190.77B | 191.63B |
Total Liabilities | 688.96B | 647.75B | 679.48B | 755.67B | 740.19B | 683.56B | 655.49B | 668.61B | 671.94B |
Total Equity | 49.09B▲ 0% | 46.49B▼ 5.3% | 43.56B▼ 6.3% | 43.82B▲ 0.6% | 41.8B▼ 4.6% | 36.5B▼ 12.7% | 37.19B▲ 1.9% | 39.38B▲ 5.9% | 42.61B▲ 8.2% |
Equity Growth % | -0.63% | -5.3% | -6.31% | 0.62% | -4.61% | -12.7% | 1.9% | 5.89% | 8.22% |
Equity / Assets (Capital Ratio) | 6.65% | 6.7% | 6.02% | 5.48% | 5.35% | 5.07% | 5.37% | 5.56% | 5.96% |
Return on Equity (ROE) | 2.99% | 4.52% | 7.86% | -0.85% | 7.63% | 9.17% | 12.58% | 12.54% | 14.22% |
Book Value per Share | 17.72 | 16.60 | 15.50 | 15.61 | 15.44 | 14.70 | 16.14 | 18.50 | 20.98 |
Tangible BV per Share | 15.36 | 14.24 | 13.15 | 13.24 | 12.96 | 11.84 | 12.83 | 14.93 | 17.39 |
Common Stock | 11.96B | 16.11B | 12.09B | 12.13B | 11.47B | 11.7B | 10.84B | 10.13B | 10.02B |
Additional Paid-in Capital | 887M | 1.03B | 1.09B | 1.11B | 1.88B | 2.81B | 0 | 0 | 0 |
Retained Earnings | 17.13B | 14.31B | 13.95B | 12.57B | 12.97B | 10.02B | 10.64B | 11.43B | 14.42B |
Accumulated OCI | 3.45B | 3.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury Stock | -43M | -21M | -42M | -24M | -371M | -258M | 0 | 0 | 0 |
Preferred Stock | 2.56B | 496M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NWG Cash Flow Statement
NatWest Group plc (NWG) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 38.74B | -228M | -3.69B | 29.09B | 53.69B | -43.6B | -17.44B | 1.77B | 7.07B |
Operating CF Growth % | 1161.4% | -100.59% | -1519.74% | 887.84% | 84.52% | -181.21% | 60% | 110.16% | 299.1% |
Net Income | 2.24B | 3.36B | 4.23B | -351M | 4.31B | 4.87B | 6.07B | 6.28B | 7.71B |
Depreciation & Amortization | 808M | 718M | 1.49B | 914M | 923M | 833M | 934M | 1.06B | 1.15B |
Deferred Taxes | 0 | 0 | 0 | 0 | -49M | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -6.45B | -7.7B | 1.51B | 1.72B | 1.9B | -853M | 1.24B | 1.71B | -2.76B |
Working Capital Changes | 42.15B | 3.4B | -10.93B | 26.82B | 46.61B | -48.45B | -25.68B | -7.27B | 972M |
Cash from Investing | -6.48B | -7.96B | -716M | 7.55B | 3.06B | 19.06B | -14.69B | -12.7B | -13.77B |
Purchase of Investments | -17.21B | -16.18B | -21.34B | -18.82B | -10.15B | -23.51B | -44.91B | -53.96B | -62.03B |
Sale/Maturity of Investments | 11.66B | 9.06B | 19.99B | 25.95B | 16.86B | 36.98B | 25.2B | 41.62B | 46.75B |
Net Investment Activity | -5.56B | -7.12B | -1.35B | 7.13B | 6.71B | 13.46B | -19.71B | -12.34B | -15.28B |
Acquisitions | -199M | -481M | -84M | -70M | -3.49B | 5.42B | 5.33B | -1.31B | 230M |
Other Investing | 405M | 264M | 1.28B | 866M | 746M | 813M | 499M | 1.41B | 1.95B |
Cash from Financing | -8.21B | -6.29B | -1.96B | 90M | -2.6B | -10.65B | -6.3B | -1.89B | -3.49B |
Dividends Paid | -612M | -803M | -3.42B | -381M | -1.02B | -3.21B | -1.7B | -1.8B | -2.38B |
Share Repurchases | -779M | -2.83B | -21M | -2M | -1.81B | -2.05B | -2.42B | -2.72B | -2.56B |
Stock Issued | 395M | 166M | 17M | 2.22B | 937M | 0 | 0 | 1.39B | 1.25B |
Net Stock Activity | -384M | -2.66B | -4M | 2.22B | -869M | -2.05B | -2.42B | -1.33B | -1.31B |
Debt Issuance (Net) | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K |
Other Financing | 183M | 1.76B | 609M | -1.25B | -971M | -1.08B | -1.28B | -1.34B | -1.32B |
Net Change in Cash | 24.04B▲ 0% | -13.79B▼ 157.4% | -8.35B▲ 39.5% | 38.61B▲ 562.5% | 51.51B▲ 33.4% | -32.26B▼ 162.6% | -39.63B▼ 22.8% | -13.98B▲ 64.7% | -9.41B▲ 32.7% |
Exchange Rate Effect | -16M | 676M | -1.98B | 1.88B | -2.64B | 2.93B | -1.19B | -1.17B | 775M |
Cash at Beginning | 98.57B | 122.61B | 108.94B | 100.59B | 139.2B | 190.71B | 158.45B | 118.82B | 104.84B |
Cash at End | 122.61B | 108.81B | 100.59B | 139.2B | 190.71B | 158.45B | 118.82B | 104.84B | 95.43B |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Free Cash Flow | 37.61B▲ 0% | -847M▼ 102.3% | -4.25B▼ 402.0% | 28.72B▲ 775.4% | 52.79B▲ 83.8% | -44.24B▼ 183.8% | -18.99B▲ 57.1% | 694M▲ 103.7% | 5.79B▲ 734.3% |
FCF Growth % | 924.4% | -102.25% | -402.01% | 775.42% | 83.8% | -183.8% | 57.06% | 103.65% | 734.29% |
NWG Banking Ratios
NatWest Group plc (NWG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -10.16% | 2.99% | 4.52% | 7.86% | -0.85% | 7.63% | 9.17% | 12.58% | 12.54% | 14.22% |
Return on Assets (ROA) | -0.65% | 0.19% | 0.3% | 0.5% | -0.05% | 0.41% | 0.48% | 0.66% | 0.69% | 0.82% |
Net Interest Margin | 1.09% | 1.22% | 1.25% | 1.08% | 0.92% | 0.96% | 1.37% | 1.6% | 1.59% | 1.8% |
Efficiency Ratio | 110.27% | 70.97% | 63.44% | 51.41% | 86.48% | 53.96% | 50.91% | 34.76% | 29.61% | 30.2% |
Equity / Assets | 6.19% | 6.65% | 6.7% | 6.02% | 5.48% | 5.35% | 5.07% | 5.37% | 5.56% | 5.96% |
Book Value / Share | 18.12 | 17.72 | 16.6 | 15.5 | 15.61 | 15.44 | 14.7 | 16.14 | 18.5 | 20.98 |
NII Growth | -0.67% | 3.2% | -3.68% | -9.9% | -5.26% | 1.98% | 30.62% | 12.26% | 2.05% | 13.78% |
Dividend Payout | - | 41.55% | 37.19% | 96.75% | - | 31.09% | 89.3% | 36.73% | 37.48% | 40.75% |
Related:NWG Dividend History·NWG Revenue History·NWG Price History·NWG P/E History·NWG Financial Ratios·NWG Institutional Holders
NWG Frequently Asked Questions
NatWest Group plc (NWG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
NatWest Group plc (NWG) grew revenue by 3.2% over the past year. Growth has been modest.
Yes, NatWest Group plc (NWG) is profitable, generating $5.83B in net income for fiscal year 2025 (19.8% net margin).
Dividend & Returns
Yes, NatWest Group plc (NWG) pays a dividend with a yield of 9.27%. This makes it attractive for income-focused investors.
NatWest Group plc (NWG) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.
Industry Metrics
NatWest Group plc (NWG) has a net interest margin (NIM) of 1.8%. NIM has been under pressure due to interest rate environment.
NatWest Group plc (NWG) has an efficiency ratio of 30.2%. This is excellent, indicating strong cost control.