While the bank maintains a substantial $85.3 billion in cash and bank balances, the lack of transparent reporting on capital returns obscures the actual distribution of surplus liquidity to shareholders.
| 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 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 7.07B | 1.77B | -17.44B | -43.6B | 53.69B | 29.09B | -3.69B | -228M | 38.74B | -3.65B | 918M | -20.39B | -30.63B | -45.11B | 1.85B | 19.29B | -992M | -75.34B | 29.76B | 12.56B | 4.51B | 2.49B | 19.71B | 13.74B | 7.29B | 11.33B | 5B | 1.09B | 2.34B | 3.04B |
| Operating CF Growth % | 299.1% | 110.16% | 60% | -181.21% | 84.52% | 887.84% | -1519.74% | -100.59% | 1161.4% | -497.6% | 104.5% | 33.44% | 32.1% | -2535.91% | -90.4% | 2044.66% | 98.68% | -353.17% | 136.85% | 178.52% | 80.95% | -87.35% | 43.47% | 88.51% | -35.67% | 126.65% | 359.8% | -53.51% | -22.97% | 49.07% |
| Net Income | 7.71B | 6.28B | 6.07B | 4.87B | 4.31B | -351M | 4.23B | 3.36B | 2.24B | -4.08B | -937M | -564M | -8.07B | -5.28B | -766M | -940M | -2.7B | -36.46B | 9.83B | 9.19B | 7.94B | 7.28B | 6.08B | 4.76B | 0 | 3.27B | 1.21B | 944M | 698M | 623M |
| Depreciation & Amortization | 1.15B | 1.06B | 934M | 833M | 923M | 914M | 1.49B | 718M | 808M | 778M | 1.18B | 1.11B | 1.41B | 1.85B | 1.88B | 2.22B | 2.81B | 3.15B | 1.93B | 1.68B | 1.82B | 1.67B | 0 | 0 | 0 | 1.33B | 279M | 243M | 107M | 95M |
| Deferred Taxes | 0 | 0 | 0 | 0 | -49M | 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 |
| Other Non-Cash Items | -2.76B | 1.71B | 1.24B | -853M | 1.9B | 1.72B | 1.51B | -7.7B | -6.45B | -8.76B | -7.91B | -2.98B | 4.8B | 7.04B | 4.19B | 916M | 14.86B | 186M | -10.27B | -2.28B | -4.73B | -2.2B | 13.63B | 3.06B | 7.29B | 1.21B | 81M | 752M | 198M | -131M |
| Working Capital Changes | 972M | -7.27B | -25.68B | -48.45B | 46.61B | 26.82B | -10.93B | 3.4B | 42.15B | 8.41B | 8.59B | -17.95B | -28.78B | -48.74B | -3.44B | 17.09B | -15.96B | -42.22B | 28.26B | 3.98B | -519M | -4.26B | 0 | 5.92B | 0 | 5.51B | 3.43B | -852M | 1.33B | 2.45B |
| Cash from Investing | -13.77B | -12.7B | -14.69B | 19.06B | 3.06B | 7.55B | -716M | -7.96B | -6.48B | -4.36B | -4.87B | 6.61B | 21.18B | 27.18B | 14M | 3.35B | 54M | 17B | 16.33B | 6.64B | -2.61B | -9.4B | -6.96B | -13.2B | -15.3B | -8.9B | -3.4B | -2.09B | -1.43B | -1.09B |
| Purchase of Investments | -62.03B | -53.96B | -44.91B | -23.51B | -10.15B | -18.82B | -21.34B | -16.18B | -17.21B | -11.61B | -14.13B | -20.28B | -22.56B | -22.99B | -77.02B | -43.48B | -73.59B | -55.23B | -61.02B | -19.13B | -39.2B | -41.79B | -44.86B | -32.7B | -27.54B | -17.87B | -12.22B | -14.39B | -11.59B | -9.41B |
| Sale/Maturity of Investments | 46.75B | 41.62B | 25.2B | 36.98B | 16.86B | 25.95B | 19.99B | 9.06B | 11.66B | 8.6B | 8.23B | 28.02B | 41.77B | 49.08B | 80.09B | 47.6B | 76.49B | 53.39B | 63.01B | 27.13B | 39.47B | 43.02B | 41.8B | 26.07B | 0 | 12.67B | 9.57B | 13.56B | 10.32B | 8.24B |
| Net Investment Activity | -15.28B | -12.34B | -19.71B | 13.46B | 6.71B | 7.13B | -1.35B | -7.12B | -5.56B | -3.01B | -5.91B | 7.74B | 19.21B | 26.09B | 3.07B | 4.12B | 2.9B | -1.84B | 1.99B | 8B | 276M | 1.23B | -3.06B | -6.63B | -27.54B | -5.2B | -2.65B | -836M | -1.27B | -1.17B |
| Acquisitions | 230M | -1.31B | 5.33B | 5.42B | -3.49B | -70M | -84M | -481M | -199M | -886M | 391M | -1.48B | 1.15B | 352M | -1.43B | 3.45B | 105M | 2.25B | 13.64B | -63M | -296M | -7.97B | -1.57B | -281M | -1.61B | -2.92B | 16M | -917M | 36M | 231M |
| Other Investing | 1.95B | 1.41B | 499M | 813M | 746M | 866M | 1.28B | 264M | 405M | 447M | 1.43B | 1.16B | 1.45B | 2.21B | 1.84B | -2.1B | 1.95B | 22.34B | 5.79B | 2.99B | 2.52B | 1.92B | 2.68B | -2.92B | 18.1B | 480M | 25M | 24M | -20M | -1M |
| Cash from Financing | -3.49B | -1.89B | -6.3B | -10.65B | -2.6B | 90M | -1.96B | -6.29B | -8.21B | -5.11B | -940M | -404M | -2.73B | 2.02B | -1.74B | -14.38B | 18.79B | 15.1B | 31.21B | -107M | 629M | 8.8B | 4.13B | 2.71B | 4.41B | 4.61B | 1.02B | 370M | 716M | 496M |
| Dividends Paid | -2.38B | -1.8B | -1.7B | -3.21B | -1.02B | -381M | -3.42B | -803M | -612M | -504M | -416M | -383M | -403M | -301M | -40M | -4.24B | -1.25B | -3.19B | -3.41B | -2.73B | -2.01B | -1.64B | -772M | -729M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.56B | -2.72B | -2.42B | -2.05B | -1.81B | -2M | -21M | -2.83B | -779M | -1.29B | -1.36B | 0 | 0 | 0 | 0 | -3.19B | -5.34B | -64M | -65M | -1.25B | 0 | 0 | -364M | 0 | 0 | -300M | 0 | 0 | -132M | 0 |
| Stock Issued | 1.25B | 1.39B | 0 | 0 | 937M | 2.22B | 17M | 166M | 395M | 0 | 313M | 328M | 308M | 363M | 22M | 1M | 30.38B | 31.79B | 4.83B | 883M | 1.81B | 4.2B | 184M | 85M | 2.13B | 2.17B | 525M | 243M | 505M | 20M |
| Net Stock Activity | -1.31B | -1.33B | -2.42B | -2.05B | -869M | 2.22B | -4M | -2.66B | -384M | -1.29B | -1.05B | 328M | 308M | 363M | 22M | -3.19B | 25.03B | 31.73B | 4.76B | -362M | 1.81B | 4.2B | -180M | 85M | 2.13B | 1.87B | 525M | 243M | 373M | 20M |
| Debt Issuance (Net) | 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 | 1000K | 1000K | 1000K |
| Other Financing | -1.32B | -1.34B | -1.28B | -1.08B | -971M | -1.25B | 609M | 1.76B | 183M | 11.73B | 3.57B | -10.54B | -85.62B | 68.15B | -31.78B | -5.36B | -2.16B | 36.83B | 171.93B | 59.24B | 1.14B | -713M | 1.42B | 1.4B | -13M | -223M | 61M | 0 | 0 | 0 |
| Net Change in Cash | -9.41B | -13.98B | -39.63B | -32.26B | 51.51B | 38.61B | -8.35B | -13.79B | 24.04B | -5.02B | -4.31B | -13.27B | -11.66B | -19.81B | 125M | 8.34B | 9.26B | -14.03B | 77.3B | 19.1B | 2.53B | 1.9B | 4.13B | 2.71B | 4.41B | 4.83B | 1.88B | -1.25B | 1.07B | 2.02B |
| Exchange Rate Effect | 775M | -1.17B | -1.19B | 2.93B | -2.64B | 1.88B | -1.98B | 676M | -16M | 8.09B | 576M | 909M | 512M | -3.89B | -1.47B | 82M | -8.59B | 29.21B | 6.01B | -3.47B | -3.11B | 0 | -12.74B | -535M | 8.01B | -2.21B | -744M | -613M | -563M | -419M |
| Cash at Beginning | 104.84B | 118.82B | 158.45B | 190.71B | 139.2B | 100.59B | 108.94B | 122.61B | 98.57B | 103.59B | 107.9B | 121.18B | 132.84B | 152.66B | 152.53B | 144.19B | 134.93B | 148.96B | 71.65B | 52.55B | 50.02B | 48.12B | 6.54B | 0 | 0 | -1.78B | -481M | 2.54B | 147M | 2.09B |
| Cash at End | 95.43B | 104.84B | 118.82B | 158.45B | 190.71B | 139.2B | 100.59B | 108.81B | 122.61B | 98.57B | 103.59B | 107.9B | 121.18B | 132.84B | 152.66B | 152.53B | 144.19B | 134.93B | 148.96B | 71.65B | 52.55B | 50.02B | 10.66B | 2.71B | 4.41B | 3.05B | 1.39B | 1.29B | 1.21B | 4.11B |
| Interest 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 | 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 | 0 | 0 |
| Free Cash Flow | 5.79B | 694M | -18.99B | -44.24B | 52.79B | 28.72B | -4.25B | -847M | 37.61B | -4.56B | 135M | -21.2B | -31.26B | -46.6B | -1.62B | 17.18B | -5.89B | -81.09B | 24.68B | 8.28B | -597M | -2.09B | 14.69B | 10.37B | 3.04B | 10.07B | 4.21B | 723M | 2.17B | 2.89B |
| FCF Growth % | 734.29% | 103.65% | 57.06% | -183.8% | 83.8% | 775.42% | -402.01% | -102.25% | 924.4% | -3479.26% | 100.64% | 32.17% | 32.92% | -2776.36% | -109.43% | 391.65% | 92.74% | -428.61% | 197.97% | 1487.27% | 71.44% | -114.23% | 41.67% | 240.89% | -69.78% | 139.18% | 482.16% | -66.67% | -24.97% | 53.37% |
UK domestic economic concentration
As evidenced by the consistent net income figures ranging from $927 million to $1.7 billion over the last ten quarters, NatWest Group demonstrates a robust capacity for organic capital generation that appears sufficient to support ongoing regulatory requirements and potential future shareholder distribution programs without external financing.
The bank's ability to generate significant quarterly net income suggests a strong internal capital formation process, which is essential for maintaining its CET1 ratio. Investors should monitor whether this earnings power remains resilient if the UK macroeconomic environment faces further headwinds, as the current retention levels are critical for funding the bank's digital transformation.
Based on the provided financial data, there is a notable absence of reported cash outflows for dividends or share buybacks, which warrants further investigation given the bank's stated commitment to returning surplus capital to shareholders as the UK government reduces its remaining ownership stake in the firm.
The lack of explicit cash flow data regarding capital returns makes it difficult to assess the actual payout ratio or the sustainability of the bank's current distribution policy. Analysts should look for reconciliation between reported net income and the actual cash deployed toward buybacks to determine if the bank is effectively utilizing its capital surplus.
According to the provided financial statements, the cash flow data for NatWest Group is largely unavailable, which obscures the underlying dynamics of loan originations, deposit movements, and investment portfolio activity that are fundamental to understanding the bank's true liquidity position and operational cash flow generation capabilities.
Because bank cash flow statements often exclude the most material movements in assets and liabilities, relying on this data alone may lead to an incomplete assessment of the bank's financial health. Investors should prioritize balance sheet and income statement analysis to infer the actual cash-generating nature of the bank's core lending and deposit-taking activities.
Quick answers to the most common questions about buying NWG stock.
NatWest Group plc (NWG) generated $7.07B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NatWest Group plc (NWG) generated $5.79B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
NatWest Group plc (NWG) spent $665.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NatWest Group plc (NWG) returned $2.38B to shareholders via cash dividends and spent $2.56B on share repurchases. This shows the company's commitment to returning capital to its equity investors.